The Trucking Industry Faces Massive Shortages of Drivers in 2022
The trucking industry is going to feel the impact of a shortage of drivers in 2022. The Bureau of Labor Statistics estimates that one million drivers will be needed in 2022. There are only about 600,000 projected to be available. While the number of 18-year-old drivers will increase by 11%, the number of new drivers will decrease by 2%. Here’s what you need to know about how this impending driver shortage will affect your business.
Why truck drivers are leaving the industry
There are several reasons why drivers are leaving the industry.
Between 2013 and 2014, the number of truckers jumped by 600,000. However, between 2014 and 2015, there was a decrease in approximately 300 thousand truckers. One reason for this decrease is that driver turnover has increased. The average length of stay in the industry has decreased by 3% since 2006.
Another reason is that rates have decreased since 2006-2008. This may be due to the fact that trucking prices have largely remained unchanged throughout the past decade.
Most recently, there has been an increase in freight rates because of an increase in fuel prices. The cost to transport goods has increased as well as the demand for shipping services which make it difficult for drivers to keep up with their expenses and stay afloat.
The shortage will result in less available work for drivers, which will cause even more to leave the industry. As a result, rates might not be able to rise to compensate potential drivers who might choose to leave if they don’t see an improvement in their paychecks.
The impact of the driver shortage on trucking companies
The trucking industry is going to feel the impact of a shortage of drivers in 2022. The Bureau of Labor Statistics estimates that one million drivers will be needed in 2022, but there are only about 600,000 projected to be available. While the number of 18-year-old drivers will increase by 11% during this time period, the number of new drivers will decrease by 2%.
This pending shortage is already impacting carriers and shippers across the country. Truckers are facing long hours without breaks, delayed deliveries due to driver shortages, higher freight costs for shippers, and increased wait times at fuel stops.
If you’re a trucking company or your company ships goods via truck, this driver shortage means it’s more difficult than ever to find enough drivers for your business. And with the decreasing supply of new drivers while demand continues to increase year after year, you can expect these challenges to get worse before they get better.
Fortunately, there are ways that trucking companies can combat this crisis before it hits full force in 2022:
1) Hiring experienced veterans: Drivers who have years of experience behind them are more likely to satisfy fraying customer requirements for punctual deliveries and high quality service. Investing in experienced veterans
What you need to know about the driver shortage
Not everyone who wants to be a truck driver can do it. Driver shortages will lead to higher wages, longer wait times, and worse customer service.
To keep up with demand, some companies are investing in automation, which will take away more jobs for drivers.
Trucking companies are struggling with the driver shortage because of increased costs that they have to shoulder.
If you’re looking to hire new drivers, you may need to offer incentives or hire part-time drivers rather than full-time ones. If you’re a carrier and your shipment is late due to lack of drivers, you’ll probably need to pay penalties and increase prices to cover those expenses.
Survival strategies for trucking businesses
In order to survive, businesses in the trucking industry will need to take a few necessary steps.
First, businesses should invest in driver training. In an effort to attract new drivers, trucking companies should train their current employees and pay them more. This will help retain current workers and will also give potential new drivers an incentive for joining the company.
Second is diversification. Diversifying your business with other ventures can provide some security during difficult times. Third is investing in automation technology that will allow companies to complete tasks with less human involvement.
Finally, invest in data technology solutions. The use of technology can be helpful when determining the best routes for deliveries and scheduling shifts for employees. It will also help you gain valuable insights about your customers’ habits so you can better serve them.
The trucking industry is experiencing a driver shortage, with an estimated shortage of up to 120,000 drivers by 2022. The current situation has been worsened by the fact that many drivers are leaving their driving jobs for better opportunities in other industries. However, there are a number of strategies that trucking companies can use to survive the driver shortage and make the best of the situation.
Some of these include:
- Hiring drivers from other industries
- Providing more pay and benefits
- Training employees and drivers
- Investing in autonomous trucks
- Utilizing technology in the trucking industry
The trucking industry is changing. This driver shortage is a new challenge to face. If you’re a trucking company, it may be time to rethink how you do business so that you can stay ahead of the curve.